9. Product Revenues and Accounts Receivable, net

The Company’s product revenue, net of sales discounts, allowances and reserves for the three months ended July 31, 2025 and 2024 were $1.4 million and $0 million, respectively.

The Company had product sales to certain customers that each accounted for more than 10% of total gross product sales for the three months ended July 31, 2025. Sales for each of these customers as a percentage of the Company’s total gross product revenue are as follows:

As of July 31, 2025, the Company’s accounts receivable, net were $1.9 million, which was related to product sales, net of $0.1 million of discounts and allowances. As of April 30, 2025, the Company’s accounts receivable, net related to product sales was $0. The Company does not have a reserve related to credit losses against its accounts receivable and expects to collect accounts receivable in the ordinary course of business.